A STUDY ON UTILITY OF CASHLESS TRANSACTIONS IN INDIAN ECONOMY

India has adopted parliamentary democracy. In our democracy the people are sovereign. Common man is at the
center of the overall decision-making process. Taking care of the interests of the common people is an important
duty of the government. In India corruption, black money, inefficiency, Centralization of wealth and Centralization
of capital are the main obstacles of common man. The common man is trapped in depression due to these problems.
As a solution to all this, Prime Minister of India Shri Narendra Modi decided on demonetization on 8 November
2016. He advocated demonetization, predicting that it would lead to overall transparency in the Indian economy,
and encouraged the introduction of a cashless economy and E-Banking is preferred. The research paper emphasis
on the importance of cashless transactions trend also some of its advantages and disadvantages, to raise the
awareness of digital payment system. This research is based on the accessible literature, and the relevant
important databases.